DEN Networks Limited (IN:DEN)
:DEN
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DEN Networks Limited
(DEN)
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Rating:67Neutral
Price Target:
₹34.00
▲(6.38% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by weakening financial trajectory—persistent revenue contraction and a sharp drop to negative free cash flow in 2026—despite strong balance-sheet conservatism. Technicals are supportive with the stock above major moving averages and positive momentum indicators, while valuation looks relatively inexpensive on P/E, partially offsetting the fundamental risks.
Positive Factors
Conservative Balance Sheet
Extremely low leverage and steadily growing equity/assets give the company durable financial flexibility. This conservatism supports capital spending, cushions cyclicality, and preserves optionality for M&A, dividend maintenance, or funding working-capital needs without pressuring liquidity.
Negative Factors
Multi-year Revenue Decline
Sustained top-line contraction erodes scale economics and threatens the sustainability of current profitability. Continued revenue declines limit ability to absorb fixed costs, reduce ARPU leverage, and force either higher pricing or cost cuts that could damage long-term competitiveness.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low leverage and steadily growing equity/assets give the company durable financial flexibility. This conservatism supports capital spending, cushions cyclicality, and preserves optionality for M&A, dividend maintenance, or funding working-capital needs without pressuring liquidity.
Read all positive factors
DEN Networks Limited (DEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹14.96B
Dividend YieldN/A
Average Volume (3M)23.20K
Price to Earnings (P/E)9.0
Beta (1Y)1.45
Revenue Growth-3.10%
EPS Growth1893.99%
CountryIN
Employees612
SectorServices
Sector StrengthN/A
IndustryEntertainment
Share Statistics
EPS (TTM)4.03
Shares Outstanding477,223,850
10 Day Avg. Volume33,704
30 Day Avg. Volume23,203
Financial Highlights & Ratios
PEG Ratio-0.42
Price to Book (P/B)0.31
Price to Sales (P/S)1.22
P/FCF Ratio-62.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
DEN Networks Limited Business Overview & Revenue Model
Company Description
DEN Networks Limited is an Indian enterprise primarily focused on delivering and marketing television channels via its extensive digital cable distribution infrastructure. Its business activities are structured into two main segments: Cable and Br...
How the Company Makes Money
DEN primarily makes money from (1) subscription and distribution income from cable television services and (2) broadband service revenues. In its cable TV business, revenue is generated by charging end-customers a periodic subscription fee for acc...
DEN Networks Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
88
Very Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.91B | 9.74B | 10.05B | 10.81B | 11.04B | 11.83B |
| Gross Profit | 3.87B | 3.53B | 4.21B | 4.74B | 4.91B | 5.56B |
| EBITDA | 2.21B | 3.01B | 3.56B | 3.62B | 2.64B | 3.24B |
| Net Income | 1.92B | 1.66B | 2.00B | 2.15B | 2.43B | 1.76B |
Balance Sheet | ||||||
| Total Assets | 43.01B | 42.83B | 41.42B | 39.27B | 37.59B | 35.09B |
| Cash, Cash Equivalents and Short-Term Investments | 32.54B | 33.78B | 31.98B | 29.31B | 25.15B | 24.84B |
| Total Debt | 215.42M | 200.38M | 229.83M | 255.11M | 275.97M | 0.00 |
| Total Liabilities | 5.52B | 4.57B | 4.83B | 4.63B | 5.03B | 4.96B |
| Stockholders Equity | 37.09B | 37.85B | 36.20B | 34.20B | 32.07B | 29.53B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -188.49M | -231.37M | 883.17M | 399.93M | 258.53M |
| Operating Cash Flow | 0.00 | 221.93M | 183.00M | 1.42B | 1.39B | 1.29B |
| Investing Cash Flow | 0.00 | -163.39M | -217.79M | -1.25B | -542.63M | -2.58B |
| Financing Cash Flow | 0.00 | -16.24M | -71.55M | -65.93M | -1.15B | 959.00M |
DEN Networks Limited Technical Analysis
Positive
31.96
Price Trends
27.59
Positive
27.51
Positive
30.26
Positive
Market Momentum
0.60
Negative
72.21
Negative
69.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DEN, the sentiment is Positive. The current price of 31.96 is above the 20-day moving average (MA) of 27.58, above the 50-day MA of 27.59, and above the 200-day MA of 30.26, indicating a bullish trend. The MACD of 0.60 indicates Negative momentum. The RSI at 72.21 is Negative, neither overbought nor oversold. The STOCH value of 69.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DEN.
DEN Networks Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹14.96B | 8.95 | ― | ― | -3.10% | 1893.99% | |
58 Neutral | ₹20.55B | 26.61 | ― | ― | 5.39% | -11.80% | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
52 Neutral | ₹7.19B | 45.35 | ― | 2.00% | 6.96% | -67.21% | |
44 Neutral | ₹427.31M | -0.16 | ― | ― | -6.77% | -48.21% | |
41 Neutral | ₹5.80B | -0.76 | ― | ― | -25.84% | -62.88% |
* Services Sector Average
IN:DEN
DEN Networks Limited
31.37
-3.54
-10.14%
IN:DISHTV
Dish TV India Limited
3.15
-1.80
-36.36%
IN:GTPL
GTPL Hathway Ltd
63.90
-53.61
-45.62%
IN:HATHWAY
Hathway Cable & Datacom Ltd.
11.61
-3.31
-22.18%
IN:ORTEL
Ortel Communications Limited
1.48
-0.57
-27.80%
IN:SITINET
Siti Networks Limited
0.49
0.00
0.00%
DEN Networks Limited Corporate Events
DEN Networks Clears FY26 Audited Results With Clean Audit Opinion
Apr 14, 2026
DEN Networks Limited announced that its Board of Directors has approved the audited standalone and consolidated financial statements for the quarter and full financial year ended March 31, 2026, as recommended by the Audit Committee. The results, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.